- Epazz, Inc. plan to release the segment of its Cordtell solution that offers blockchain storage technology in Q3 2018
- A legal expert says a growing number of law firms and financial institutions are utilizing smart or digital legal contracts for accurate digital record keeping, enforcement and verification of signatures, as well as tracing or ensuring that all terms and payments of contracts are performed
- Cordtell will be marketed by Epazz to law firms, health care companies and governments
Epazz, Inc. (OTC: EPAZ) is ahead of the curve in its planned release of its now under-construction and patent-pending Cordtell blockchain smart legal contracts technology (http://nnw.fm/W8xsJ). The company plans to introduce Cordtell in the near future.
A growing number of legal entities are adopting smart legal contracts or distributive ledger technology, both to prevent fraud in business transactional contracts and to ensure that all aspects of a contract are being performed properly, as an industry analyst explained in a recent podcast (http://nnw.fm/kQ6gA). Initially, Epazz plans to release (in Q3 2018) the blockchain storage technology segment of Cordtell.
Epazz focuses on enterprise cryptocurrency blockchain mobile apps and cloud business process software. Epazz has acquired 11 software companies that have converted or are in the process of converting their legacy software to cloud software using Epazz technology. Epazz then markets these cloud-based solutions to new and existing clients.
Judith Alison Lee, partner in Washington, D.C. law firm Gibson Dunn & Crutcher, explained in a podcast interview that, when one person in a blockchain makes a change to a record, everyone in the chain sees that change immediately. She added that people are excited about its application to other technologies in other fields. In particular, the tech could have important applications within the legal community.
As a result, Cordtell aims to play a significant role in reducing fraud in business transactional contracts, since a digital smart contract makes a permanent record of the entire agreement. It is a living contract that can be tracked and traced, Epazz said. Additionally, Cordtell will verify signatures, document terms and track any changes.
“Where you have cases where there is a lot of paper or a great deal of data-intensive processing, these type of contracts can be really helpful,” Lee stated in the interview. “In particular, the syndicated loan agreements area applies where there is a lot of paper generated and a great deal of trust required among the participants.” She also praised the smart contract elements of facilitation and enforcement.
In addition to law firms, Cordtell will be marketed by Epazz to health care providers, businesses and governments. It will also offer data storage and retrieval from a blockchain storage unit, the company said.
For more information, visit the company’s website at www.Epazz.com
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